Credit Unions In The State Of New Mexico

Organization Overview

Credit Unions In The State Of New Mexico, operating under the name Credit Unions In The State Of New M, is located in Albuquerque, NM. The organization was established in 1973. According to its NTEE Classification (W61) the organization is classified as: Credit Unions, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Credit Unions In The State Of New M employed 83 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Credit Unions In The State Of New M is a 501(c)(14) and as such, is described as a "State Chartered Credit Union, Mutual Reserve Fund" by the IRS.

For the year ending 12/2021, Credit Unions In The State Of New M generated $41.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.5% each year. All expenses for the organization totaled $31.8m during the year ending 12/2021. While expenses have increased by 2.6% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

FIRST FINANCIAL CREDIT UNION IS A COOPERATIVE, NOT-FOR-PROFIT FINANCIAL INSTITUTION ORGANIZED TO PROMOTE THRIFT AND PROVIDE CREDIT TO MEMBERS; AT ADVANTAGEOUS RATES OVER THOSE GENERALLY AVAILABLE FROM OTHER BANKING SOURCES.

Describe the Organization's Program Activity:

Part 3 - Line 4a

INTEREST IS CHARGED AT MARKET RATES TO MEMBERS TO PROVIDE REVENUE TO PAY FOR THE COST OF THE FUNDS.


FEES AND CHARGES ARE ASSESSED TO MEMBERS FOR FINANCIAL SERVICES. THESE FEES GENERATE THE REVENUE NECESSARY TO PAY THE COSTS TO PROVIDE THESE SERVICES.


EARNINGS FROM THE INVESTMENTS. THE EXCESS OF FUNDS RECEIVED FROM MEMBERS, OVER THE AMOUNT LOANDED TO MEMBERS, AS WELL AS ACCUMULATED SURPLUS, IS INVESTED IN SECURITIES ALLOWED BY THE NCUA, AND THE CREDIT UNION'S GOVERNING DOCUMENTS.


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Board, Officers & Key Employees

Name (title)Compensation
Ronald Moorehead
President/ce
$655,714
Karen Ortiz
Evp/coo
$625,883
Gavin Gillette
Sr. VP Of Ad
$209,672
Steve Coffey
VP Of It
$169,760
Stormy Johnson
VP Branch Of
$136,313
Raul Arroyo
Dir Of Inter
$114,529

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Cu Engage
Vendor Contract
$1,814,745
Nyce Pmts Monthly
Debit Cards
$712,380
Cu Anytime Llc
Atm & Coins
$698,934
Velocity Solutions
Debit Cards
$515,861
Alkami
Online Platform
$493,782
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $0
All other contributions, gifts, grants, and similar amounts not included above$0
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$0
Total Program Service Revenue$40,642,502
Investment income $1,142,934
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales -$105,149
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $41,680,287

Peer Organizations

Organization NameAssets
One Az Credit Union
Phoenix, AZ
$105,409,190
Ttcu Federal Credit Union
Tulsa, OK
$123,227,030
Credit Union Of Texas
Allen, TX
$114,589,686
Vantage West Credit Union
Tucson, AZ
$106,118,675
First Community Credit Union Of Houston
Houston, TX
$83,936,302
Westerra Credit Union
Denver, CO
$60,087,395
Texas Trust Credit Union
Arlington, TX
$77,667,084
Truwest Credit Union
Tempe, AZ
$64,029,017
Intouch Credit Union
Plano, TX
$47,406,759
Credit Unions Chartered In The State Of Colorado
Broomfield, CO
$57,634,628
Firstmark Credit Union
San Antonio, TX
$50,715,745
True Sky Credit Union
Oklahoma City, OK
$47,281,663

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